Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (8) TMI 808 - AT - Income TaxAcceptance of fresh evidence by CIT(A)- Revenue appeal on violation of Rule 46A of the I.T. Rules, 1962 - Held that:- The copy of the assessees's letter to the AO exhibits that one copy each of the two deeds dated 15-01-1998 and 26-05-2006, i.e., the two dates on which the entire bunch of 15 deeds were executed, were filed as specimen copies before the AO, the other deeds being identical in all other respects. Had the AO wanted, he averred, the assessee could have supplied the copies of all the other deeds as well which was confirmed by DR as forming part of the assessment record - could not demonstrate any wrong assumption of fact/s by the AO - against revenue. Addition in the sale value consideration for computing long term capital gain u/s 50C - difference in value as per the valuation of stamp duty authority and as declared by assessee - Held that:- Section 50C stands co-opted on the statute by Finance Act, 2002, with effect from 01-04-2003 and would apply in respect of capital gains arising on the transfer of any capital asset, being land or building or both, chargeable u/s. 45 of the Act for A.Y. 2003-04 or any subsequent year. As such, the impugned capital gains, being chargeable u/s. 45 for the current year, i.e., AY 2006-07, section 50C would be per se applicable - The words "adopted" or "assessed" (as also "assessable") in s. 50C(1) qualify the word "value" preceding it, and not the word "transfer", thus the assessee's case that the assessment of the fair market value of the property (land) by the SVA was done only on 27-11-2007 and, therefore, there being no assessment by it by the end of the relevant year, i.e., 31-03-2006 cannot be accepted - in favour of revenue.
|